• Thursday, May 23, 2024
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NNPC, partner target 12,000bpd from Awoba Unit Field in May

While NNPC forages for cash, its peers pay bumper dividend

The Nigerian National Petroleum Company (NNPC) Limited and Newcross Exploration and Production Ltd, its Joint Venture partner in the Awoba Unit Field, have set sight on ramping up Awoba Unit Field to 12,000 barrels per day (bpd) in the next 30 days.

In a release signed by Olufemi O. Soneye, Chief Corporate Communications Officer of the NNPC Ltd., the state-owned oil company and partner have restarted production from the Awoba field this month.

Awoba Unit Field last contributed production to the Bonny Terminal in 2021 and it was shut down finally in February 2022 due to evacuation issues and crude oil theft.

According to the NNPC, this development is keen on optimising production from the nation’s hydrocarbon assets to boost revenues and meet the nation’s OPEC production quota.

The statement read: “Since the restart of the Awoba field by NNPC Ltd and its partners on April 13, 2024; production from the field has averaged 8,000 barrels per day and is expected to plateau at 12,000 per day at full ramp-up within 30 days.

“Awoba is also expected to significantly boost gas supply to the power sector and other gas-based industries.

The Awoba Unit which straddles OMLs 18 and 24 is located in the mangrove swamp south of Port Harcourt, Rivers State. Both OML 18 and OML 24 assets are under the management of the NNPC Upstream Investment Management Services (NUIMS).

“NNPC Ltd has been recording a string of production successes from the JV portfolio which have significantly lifted overall national production.

“Besides the recent start of production at the Madu Field by the NNPC Ltd/First E&P JV, the company has achieved the restart of production at OMLs 29 and OML 18 in late 2023 which have steadily contributed an average of 60,000bpd to the nation’s production output since their restart,” the statement read.

Speaking on the development, Mele Kyari, the Group Chief Executive Officer of the NNPC, ascribed the achievement to the President Bola Ahmed Tinubu administration’s success in providing an enabling operating environment for businesses to thrive.

He expressed appreciation to all stakeholders (staff, operators, host communities, government security agencies, and private security contractors) who played a pivotal role in achieving the feat.